Stock market liquidity and macro-liquidity shocks: Evidence from the 2007–2009 financial crisis

We develop an empirical framework that links micro-liquidity, macro-liquidity and stock prices. We provide evidence of a strong link between macro-liquidity shocks and the returns of UK stock portfolios constructed on the basis of micro-liquidity measures between 1999 and 2012. Specifically, macro-liquidity shocks, which are extracted on the meeting days of the Bank of England Monetary Policy Committee (MPC) relative to market expectations embedded in 3-month LIBOR futures prices, are transmitted in a differential manner to the cross-section of liquidity-sorted portfolios, with liquid stocks playing the most active role. We also find that there is a significant increase in shares' trading activity and a rather small increase in their trading cost on MPC meeting days. Finally, our results emphatically document that during the recent financial crisis the shocks–returns relationship has reversed its sign. Interest rate cuts during the crisis were perceived by market participants as a signal of deteriorating economic prospects and reinforced “flight to safety” trading.     

Unchecked manipulations,price–volume relationship and market efficiency: Evidence from emerging markets

This paper investigates how unchecked manipulations could cause frequent trade-induced manipulations and weak-form market inefficiency in South Asian stock markets [Bombay Stock Exchange (BSE), Dhaka Stock Exchange (DSE) and Karachi Stock Exchange (KSE)]. Specifically, the paper analyses the price–volume relationship as one of the many cases of market inefficiency. By employing various econometric tests, this paper first provides conclusive evidence of market inefficiency in these markets. It then extracts evidence of manipulation periods from legal cases and analyses price–volume relationship during these periods. The paper finds that there exists market-wide trading-induced manipulations, where excessive buying and selling causes prices to inflate artificially before crashing down. The paper concludes that South-Asian markets are inefficient in the weak-form.     

论科学发展视角的市场经济行动规律与经济发展方式转变

科学发展观实质上揭示了中国模式市场经济的行动规律。转变经济发展方式必须符合以人为本、全面协调可持续的科学发展理念,尤其应关注资源有限和市场经济复杂性的双重约束,探索符合中国国情的可持续适度规模。从市场经济行动规律的视野把握科学发展理念,促进加快转变经济发展方式,有助于实现中国经济的平稳较快发展。     

The long-horizon returns behaviour of the Portuguese stock market1

In the last few years several research studies have challenged the traditional weak-form efficiency tests of the stock market. These studies suggested an alternative to the random walk model, containing temporary and permanent components. If stocks follow such a model then the traditional tests, using returns computed for short intervals would be unable to detect them. To investigate the evidence for such models in the Portuguese stock market ten stock indexes were created. This is a pioneer study of the Portuguese stock market, and uses nominal, real and excess returns, computed for longer horizons. Three methodologies were used: variance ratios, ordinary least squares regressions and weighted least squares regressions. The statistical significance of the results was studied using traditional parametric tests as well as non-parametric tests. The evidence is mixed, as the presence of tendencies towards mean aversion and mean reversion were detected. Results also show that the evidence is very sensitive to the methodology used and the signifcance tests performed. These results, however, do not necessarily reject the weak-form market efficiency hypothesis.     

SERVQUAL and PAT

Abstract

Two approaches to measuring the quality of restaurant services are compared, both of which employ the expectancy-discon-firmation paradigm. A SERVQUAL style of questionnaire provided quality measures, which were used to differentiate foodservice establishments, but the data showed several statistical weaknesses, and respondents had trouble contextualizing the questions. Profile Accumulation Technique (PAT) was similarly able to distinguish between different restaurants, and the data had greater internal validity. However this methodology is based upon different assumptions from those underlying SERVQUAL, and there are also implications of cost and expertise. The paper concludes that instruments derived from SERVQUAL cannot claim to apply the theoretical basis of the expectancy- disconfirmation paradigm, whereas PAT is capable of assessing quality according to the paradigm. However, at present it cannot always be assumed that restaurant customers use the expectancy disconfirmation mechanism for evaluating all meal experiences. The advantages and disadvantages of both methods are discussed and implications for further research are identified.     

Retail internationalization and retail failure: issues from the case of Marks and Spencer

Notwithstanding the importance of retailing to urban economies, the role of retailing in the marketing of urban places has been an area neglected by both academics and practitioners alike. It is acknowledged that the principles of marketing can be applied (albeit with modification) to the context of urban places. The theoretical implications of this are considered using Corsico's () metaphors of the city as enterprise, market and commodity. Such issues are considered via a survey of place marketing actors within the specific context of the marketing of towns and cities as shopping destinations in urban places classified as sub-regional and above. Particular attention is paid to responsibility for the marketing of the retail provision, the emphasis given to retail in the marketing/promotional activities of various urban stakeholders, the perceived role of retailing, and the factors influencing the nature of the urban retail provision. Promotion of retailing was found to be important for all urban stakeholders to a greater or lesser degree. However, prime responsibility lay with town centre managers and shopping centre managers. The implications for both theory and practice are discussed.     

Market segmentation of fresh meat shoppers in Taiwan

Fresh meat product retailing at traditional markets in Taiwan causes concerns over meat safety issues.The agricultural administration has established programmes to raise consumer awareness of potential risks of fresh meat that have remained at room temperature for several hours. Although supermarkets sell chilled and frozen meat products, the majority of grocery shoppers in Taiwan still prefer purchasing fresh meat products at traditional markets where meat is displayed on counters or hung on hooks. This study utilizes survey data to segment meat shoppers in Taiwan. Results indicate the shoppers who purchase meat products at supermarkets tend to continue shopping at that location. Potential shoppers of supermarkets, who may switch from traditional markets to supermarkets for meat products, are identified and the major concerns of this group are the meat safety issues. Factors that influence the possibilities of selecting supermarkets for meat products are examined.     

Mix,match & move: Shaping the future of tourism Asia pacific tourism association seventh annual conference Manila,the Philippines, 2001

This research investigates the psychological turnover theory, which is developed based on the Mobley's model, and compares the hotel employees of two culturally different countries: U.S.A. and South Korea. It takes the controversy of transferability of management theories in different cultures into consideration. This study also compares the influencing factors in the particular behavior between the two groups. For both samples, the path analyses using a series of multiple regression analyses have shown the existence of a particular linkage among the four psychological construct variables studied: job satisfaction, organizational commitment, thinking of quitting, and withdrawal intentions, thus supporting the model. Given the possible problems of collinearity between the predicting variables and thereby instability of the regression coefficients, stepwise regression analyses have been employed to serve the second objective of this study, resulting in significant differences between the two samples. In addition, a dummy variable has been created to examine the role of nationality in predicting the turnover behavior, with the nationality turning out to be an important predictor, however, its influence is indirect through organizational or psychological factors.     

Rebates in a Bertrand game

We study a price competition game in which customers are heterogeneous in the rebates they get from either of two firms. We characterize the transition between competitive pricing (without rebates), mixed strategy equilibrium (for intermediate rebates), and monopoly pricing (for larger rebates).     

Market orientation practices among small and medium hotels (SMHS) in tourist destination island of Langkawi

The purpose of the study is to investigate the underlying components of market orientation practices and their effect on the Small and Medium Hotels (SMHs) performances on tourist destination island of Langkawi. Fifty SMHs were randomly selected from a sampling frame of a list of SMHs registered with Malaysian Tourism Board. For data collection purposes, structured questionnaires were personally delivered and collected. Rotated component matrix factor analysis of the data extracted four underlying factors that explain seventy nine point four six percent of the total variances and alpha reliability coefficient of ninety eight percent. Those components were named as customer orientation, interfunctional orientation, service orientation, and competitor orientation. One sample Kolmogorov‐Smirnov Test indicates that SMHs in Langkawi practices market orientation in their operations and businesses. However, the finding of the study showed that their performances in 1998 was lower than 1997. We believe that this outcome is due to the effect of national and regional economic downturn in 1998.